The market data is provided by the HitBTC exchange. For the past few months, Bitcoin’s dominance has been gradually climbing from just under 36 percent in early May to the current value of over 46 percent.

This shows that while investors are staying away from the altcoins, they have been accumulating Bitcoin for some time. Though Bitcoin prices have fallen sharply this year, the interest in BTC futures trading has picked up.

The Chicago Mercantile Exchange (CME) reported an increase in its average daily volume of Bitcoin futures trading by about 93 percent in the second quarter over the first quarter of 2018. If Bitcoin breaks out of the critical overhead resistances, the traders’ sentiment will be boosted, and in turn they will start buying the altcoins that show promise.

When most of the top cryptocurrencies turn upwards, it will indicate the start of a new uptrend. However, this year we do not expect a vertical rally akin to the one we saw in 2017.

The pullback on Bitcoin stopped at the $7,250 mark on July 21, which is a positive sign. The bulls are currently attempting a breakout above the overhead resistance at $7,750. Read more from…

thumbnail courtesy of